This weekend as I was relaxing Saturday night with my scotch while staring into the campfire after dinner, I started thinking about insurance.

I have automobile insurance, homeowners insurance and medical insurance.
Now, some of you might just say, well whoop-di-do MountainMan, most people do, nothing earth shattering about having insurance. Well, lets examine the purpose of insurance and why we pay for it.

My automobile insurance is to protect me against the loss of physical possessions I have, my auto and my money. I pay a certain amount of money for that protection. If I get in an automobile accident my insurance company will pay to replace/repair my car and, if the accident is determined to be my fault, it will also pay to replace/repair the car of whomever I hit. Additionally, the insurance will pay any medical costs for anybody harmed in such an incident. The insurance protects me from the loss of my car, and from me having to personally pay for somebody elses loss.
My automobile insurance does not pay for maintenance of my vehicle. I cant go get a new transmission or an oil change, and send the bill to my insurance company.

My homeowners insurance is to protect me against the loss of physical possessions I have, my house and the contents inside it. I pay a certain amount of money for that protection. If my house were to start on fire, or were somebody to break in and steal my possessions, the insurance company would pay to rebuild my house or replace my possessions.
My homeowners insurance does not pay for maintenance. If I need a new furnace or a new roof, I cant send that bill to the insurance company and expect them to pay for it.

My medical insurance is only there to prevent me from incurring expenses. If I lose my legs, it wont replace my legs. It may pay for a wheelchair, but my legs are still gone. Now, here is the interesting part, my medical insurance will pay for maintenance. It will pay for me to get my teeth cleaned, or for a routine health exam. If I was diabetic, it would pay for insulin as maintenance.
Notice how this is the only insurance I have that covers maintenance?

Im sure some of you are now thinking to yourselves, So whats your damn point, MountainMan?
My point is that a good campfire coupled with a fine scotch allows one to think outside of the box (just kidding).

My automobile insurance is purchased on the open market, so is my homeowners insurance. My medical insurance is purchased through my employer and offers very limited options, all of which include maintenance. Personally, I can afford health maintenance on myself just as I can afford maintenance on my autos and my house. So, why am I forced to pay for medical insurance that is intentionally expensive because it covers maintenance costs when all I need is insurance against catastrophic injury or illness? Just try and find an employer supported medical insurance plan that doesnt cover maintenance. Try and find one that allows you to set a dollar amount that you can personally afford before it kicks in. Be that dollar amount $100, a $1,000, or $10,000, when it comes to employer sponsored medical insurance you cant do it, but with auto or homeowners insurance you can. (If you are financing your auto or home the holder of your loan can make stipulations to protect their interests)

Medical insurance has been artificially inflated in cost due to maintenance. Imagine if your auto insurance covered paying for maintenance costs such as oil changes, brakes, batteries, alternators, etc. Were that to happen, I think many of us couldnt afford our auto insurance, just like many cant afford medical insurance.

So, why am I forced to pay for medical insurance that is intentionally expensive because it covers maintenance costs when all I need is insurance against catastrophic injury or illness?

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This is most likely because the majority of employees in your company likely expect maintenance to be covered. And, unless you work for a huge company, your employer will not likely offer low, medium, and high deductible plans.

I hope that my answer was coherent, after all, it was written without the mind-stimulating influence of campfire and scotch.

So, why am I forced to pay for medical insurance that is intentionally expensive because it covers maintenance costs when all I need is insurance against catastrophic injury or illness?

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This is most likely because the majority of employees in your company likely expect maintenance to be covered. And, unless you work for a huge company, your employer will not likely offer low, medium, and high deductible plans.

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I do work for a huge company. It's not quite in the Fortune 100, but it's close. The three insurance options they offer all include maintenance.

I hope that my answer was coherent, after all, it was written without the mind-stimulating influence of campfire and scotch.

So, why am I forced to pay for medical insurance that is intentionally expensive because it covers maintenance costs when all I need is insurance against catastrophic injury or illness?

Click to expand...

This is most likely because the majority of employees in your company likely expect maintenance to be covered. And, unless you work for a huge company, your employer will not likely offer low, medium, and high deductible plans.

Click to expand...

I do work for a huge company. It's not quite in the Fortune 100, but it's close. The three insurance options they offer all include maintenance.

I hope that my answer was coherent, after all, it was written without the mind-stimulating influence of campfire and scotch.

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An alternative thought would be that your health "insurance" isn't actually insurance. Or at least only a portion of it is insurance - the part that covers hospitalizations.

I'd be curious as to how much you pay for your monthly premium and how much your company pays.

I'd be curious as to how much you pay for your monthly premium and how much your company pays.

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My monthly portion is $279.00
That covers me and my youngest daughter (she's in college, so she qualifies).
I can't recall how much my employer covers, but I do remember it was quite a bit more than my cost.

I used to work for one of the biggest insurers in the nation, and for a while these high deductible plans were on the verge of becoming all the rage. I don't know exactly what happened, but I know they've largely fallen by the wayside. The expansion of low cost - high deductible plans combined with a Health Savings Account would be a very cost effective way of insuring everybody. The #1 cause of bankruptcy in America is medical expense, this would solve that problem by covering anything catastrophic.

I'd be curious as to how much you pay for your monthly premium and how much your company pays.

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My monthly portion is $279.00
That covers me and my youngest daughter (she's in college, so she qualifies).
I can't recall how much my employer covers, but I do remember it was quite a bit more than my cost.

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My guess is that the total plan probably costs $700-1000 per month. Maybe less.

I think a better term for "Health Insurance" is "Health Benefit". It is a benefit that you get from work. If you don't take it, you lose it.

I'd be curious as to how much you pay for your monthly premium and how much your company pays.

Click to expand...

My monthly portion is $279.00
That covers me and my youngest daughter (she's in college, so she qualifies).
I can't recall how much my employer covers, but I do remember it was quite a bit more than my cost.

Click to expand...

My guess is that the total plan probably costs $700-1000 per month. Maybe less.

I think a better term for "Health Insurance" is "Health Benefit". It is a benefit that you get from work. If you don't take it, you lose it.

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I'm the kind of guy the insurance companies love.
No health issues for me or my children. In the last 20 years we've probably collected a cumulative total of $5-7k in benefits for all 3 of us combined.

After watching my sister rack up hundreds of thousands in medical bills a year for a few years running, it's worth it for me to pay for the peace of mind. She damn near hit the million dollar lifetime cap her insurance had before she died.

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